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Finance House makes Q3 Dh25.4m net profit

A 'healthy' Dh25.4m profit has been made by Finance House, the Abu Dhabi-based lender, during the third quarter of 2010.

Finance House, the Abu Dhabi-based lender, has announced that it made net profits of Dh25.4m for the third quarter of 2010, an 8 per cent increase on the same quarter last year.

Mohammed Alqubaisi, chairman of Finance House, said: "Customer deposits have maintained a healthy upward trend to date, which reflects the continued confidence of the market in Finance House and in its ability to adjust its business model for sustained growth even in challenging times."

He added: "In recent weeks, there are visible signs of sustained economic recovery and market stability, locally and globally. It is time to grow our lending and investment books once again, albeit on a selective and cautious basis. Going forward, the bulk of our asset growth will be match funded through medium and long-term debt."

Finance House is currently seeking to secure long-term sources of funding, with a raising of Dh100m via subordinated bonds planned before the end of the year, and an additional Dh500m targeted in the coming year.


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